MANGALSIDHI TRADELINK PVT LTD.,KOLKATA vs. ITO WD-2(1), RANCHI

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ITA 77/RAN/2017Status: DisposedITAT Ranchi03 March 2020AY 2012-1311 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal affirmed the lower appellate authority's decision to treat the assessee's share application money of Rs. 4,00,00,000/- as unexplained cash credits. This was due to the assessee's failure to prove the identity, creditworthiness, and genuineness of the investor(s).

What were the facts?

The assessee's appeal for AY 2012-13 was filed with a 5-day delay, which was condoned. The assessee did not appear for the hearing, and the case proceeded ex parte.

What were the issues?

Whether the share application money can be treated as unexplained cash credits when the assessee fails to establish the identity, creditworthiness, and genuineness of the investors.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, : RANCHI BENCH, RANCHI

Before: SHRI S.S.GODARA, JM & DR. A. L. SAINI, AM

For Respondent: Shri Indrajeet Singh, CIT(DR)
Hearing: 03.03.2020Pronounced: 03.03.2020

Date of hearing 03.03.2020 Date of pronouncement 03.03.2020 O R D E R PER BENCH(Oral): This assessee’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals), Ranchi dated 15.12.2016 passed in appeal no.69/Ran/Co/15-16 involving proceedings u/s 143(3) of the Income Tax Act, 1961 (in short ‘the Act’). Case called twice. None appears at assessee’s behest. Case file suggests that the Registry has already sent a RPAD notice 1dated 12.02.20 to the assessee. It is accordingly proceeded ex parte.

2.

We notice at the outset that this appeal suffers from 5 days delay in filing which is condoned on account of no objection from Revenue side.

3.

We have heard learned CIT-DR. He took us to CIT(A)’s detailed discussion confirming the Assessing Officer’s action treating assessee’s share application money of Rs.4,00,00,000/- as unexplained cash credits as under:

4.

It is sufficiently clear from a perusal of the above extracted lower appellate discussion that the assessee has filed to prove identity, creditworthiness and genuineness of the investor party(ies). No rebuttal on facts emerges in the case file. We thus affirm the impugned addition made in the lower appellate proceedings.

This assessee’s appeal is dismissed. 5.

Order is pronounced in the open court on 03.03.2020.

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